BAE must look to the past to safeguard its future

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It is to the enormous credit of the 88,000 people who work for BAE Systems that while the company has been buffeted by politics, they have got on with business.

BAE increased its sales by 9 per cent to £13.8 billion last year. It raised operating profit by a third. Net profits, with money from selling off its stake in Airbus, nearly tripled to £1.6 billion. It now has the cash to pursue multibillion-dollar acquisitions in the US.

Judging by the numbers alone, BAE is in rude health. It is poised to cement its position as Europe’s leading defence company.